(Bloomberg) -- A supplier to Beyond Meat Inc. sees more diners giving peas a chance.
Consumer demand for alternative proteins will rise as companies expand faux-meat products and ‘flexitarians' try more meatless options, said Jeremy Burks, senior vice president of plant proteins for Roquette Freres SA. The company opened the world's largest pea-processing plant in Manitoba, Canada, on Wednesday, with a capacity to handle 125,000 tons of yellow peas a year.
The move coincides with signs faux-meat demand is on the decline even after major companies expected more consumers will seek meatless options out of concern for the environment and animal welfare. Maple Leaf Foods Inc. is reviewing its strategy of expanding into plant-based foods and Beyond Meat reduced its third-quarter revenue guidance, citing a decline in retail orders.
“I actually think this is a market which is more like the sea, there's waves and they're going in and out but eventually the tide comes in,” Burks said in a video interview. “I'm utterly convinced it's unstoppable.”
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
